The global entertainment and media market will grow by 5 per cent by 2014 to a total value of $1.7 trillion, according a new report from PricewaterhouseCoopers (PcW).
The video games market was highlighted as being the second fastest growing segment, behind only online advertising, with a growth rate estimated at 10.6 per cent over the next four years.
As a result global revenues are expected to grow from $52.5 billion in 2009 to $86.8 billion in 2014.
PcW's Global Entertainment & Media Outlook 2010-2014 study puts the combined value of the entertainment and media market in 2009 at $1.3 trillion.
The fastest overall growth in the future is expected to come from China, with a 12 per cent annual rise. Latin America is estimated to be next at 8.8 per cent, followed by Asia Pacific at 6.4 per cent, and then Europe, Middle East and Africa (EMEA) at 4.6 per cent.
Although the largest current market North America has one of the slowest predicted growth rates of 3.9 per cent, for an estimated 2014 total of $558 billion. Japan is even lower on 2.8 per cent.
The UK's growth is estimated at 3.7 per cent for a total worth of £56 billion ($83 billion) by 2014. The report suggests that by 2014, 96 per cent of UK households will have internet access - a total of 25 million households.
"Entertainment & Media is an industry accustomed to embracing disruptive technologies. However, the current wave of change is of a different magnitude to previous ones – in its speed and simultaneous impact across all segments, accompanied by falling barriers to entry," said Phil Stokes, PwC's UK Entertainment & Media leader.
"The recession has not slowed the ever advancing digital transformation or the rapid consumer uptake of new media experiences," he added.
The full report can be purchased online from the PricewaterhouseCoopers website.